Firms in North say they will be hit harder by Brexit than rest of UK

A significant majority of Northern Ireland firms believe that Brexit "will have a greater economic impact" in the North than the UK as a whole, according to the results of a new business poll.

The poll of business leaders in the North, undertaken at a post-Brexit event in Belfast on Tuesday by the Confederation of British Industry, found 89 per cent believe Brexit will hit Northern Ireland harder than the UK overall.

According to 92 per cent of local business leaders the UK’s decision to leave the EU will be “negative” for the North’s economy over the next five years, the poll shows.

The survey revealed that 33 per cent of the businesses polled also said Brexit would have a negative impact on their operations, with just 2 per cent stating that it would be positive.

The latest CBI poll shows that around 58 per cent of local businesses are still analysing the overall impact to their business shows while 96 per cent of firms also want Northern Ireland to have its own trade representative at the table during the Brexit negotiations.

Chief concerns According to the CBI, possible changes to taxation, currency values and trade costs are the chief concerns of Northern Ireland businesses.

David Gavaghan, CBI Northern Ireland chairman, said: "Many businesses in Northern Ireland are asking what Brexit means for them and critically what to do now.

“For the majority of our members they highlighted the benefits of a single market and ready access to labour and talent. Whatever the actual outcome of the negotiations over the next period, our members recognise the fundamental need to get on with it.”

He said the business body wants to see a “new era of partnership between the Northern Ireland Executive, business and society more generally” to ensure that the North is best placed to grow its economy following the UK’s decision to leave the EU.

Mr Gavaghan said despite the significant hurdles on the horizon many businesses in the North were already rising to the challenge. However, that does not mean they are not anxious their immediate future.

Nigel Harra, senior partner at BDO Northern Ireland , who also participated in the CBI post-Brexit event said: "Many businesses are nervous about the about the long-term implications of the UK leaving the EU in the months and years ahead, but for now the demand for local goods and services has not disappeared.

“Our trade partners have not lost confidence in our expertise and experience. On the whole, we remain competitive and must use this time to take stock of how we can best adapt to a changing trading environment.”